Filing your return on a postcard isn’t in the cards, despite the promises made by some key GOP taxwriters and the president in touting the new tax law. In fact, only a few lines from the current Form 1040 will be eliminated next year. And although many filers won’t itemize as a result of the larger standard deduction, that doesn’t mean they’ll send in a postcard. Others will have more forms to fill out, such as those taking the 20% pass-through deduction or the expanded child credit. IRS wants more money to implement the new tax law. And it will get some. It will have to issue mounds of guidance, revise many of its forms and publications, reprogram its computer systems, do outreach and education, and, within the next couple of years, get its auditors up to speed on all the new rules. The agency is asking Congress for $397 million. It won’t receive that much… But we do expect it will get a large chunk. After all, passage of the legislation is a feather in the cap of Republicans, and they want to ensure that implementation of all the changes goes as smoothly as possible, especially in an election year.

Form 1040 Revisions

by | Mar 13, 2018 | Tallahassee Tax Service | 0 comments